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Stimulus Mobilization And Universalizing Capital Ownership -- What To Do NOW

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Stimulus Mobilization And Universalizing Capital Ownership: What To Do NOW

Executive Summary

Our people and nation are living twin nightmares of a medical and economic crisis. Our healthcare system and the economy are in danger of imploding.

This article reviews the wreckage the coronavirus pandemic is causing on our lives and the economy we depend on to live. It examines numerous recommendations for aggressive action to legislate stimulus packages by the federal government to:

"- stem the spread of COVID-19

"- mobilize the production and procurement of all necessary medical equipment and supplies

"- adopt and execute system reform measures during the emergency and after termination of emergency measures, which will invigorate responsible economic growth and simultaneously create universal personal ownership of the new productive capital formed

At the core of the economic restoration and production proposals is system reform. This would empower EVERY American citizen, those employed and not employed, to purchase self-liquidating productive capital assets with insured interest-free capital credit, repayable solely with the full, pre-tax future earnings of the investments to restore our economy and build a future economy that can support general affluence for EVERY citizen.

For centuries, most private sector economic development has been financed on credit extended by banks based on the expectation the productive capital assets financed with the credit will produce sufficient profits to pay off the debt. But the system failed to ensure that the ownership of the formed capital assets would be broadly owned, and instead perpetuated concentrated ownership among a wealthy few.

By reforming the system, ownership and power concentration can be reversed with EVERY child, woman, and man having the right to full property rights and equal opportunity and access to the means of acquiring and possessing property.

This article presents financial tools for democratizing productive capital ownership by reforming the tax and monetary system.

Everything will change due to the impact of the COVID-19 virus. Propertyless, non-capital-owning citizens will have to be resolved to fight together peacefully to make a change for the betterment of EVERY person, and to overcome the ugliness and the injustice of the present system. The pandemic has magnified existing social crises and has shown that the government can act decisively when the will is there, though not everything that can be done is being done.

A Dire Crisis

COVID-19 is a contagious deadly respiratory pathogen that belongs to the same family as the coronavirus responsible for the 2002-2003 Severe Acute Respiratory Syndrome (SARS) outbreaks. COVID-19 is revealing the failure of our private insurance-based, employer-tied healthcare system and the economy. The pandemic has been wrecking the United States and global societies with economic devastation growing rapidly as public health authorities around the world aggressively move to contain the COVID-19 contagion. The effects of lingering isolation will accumulate over time and exacerbate poverty, as Americans are forcibly removed from their jobs and livelihoods on account of government-imposed measures. The extent of the number of lives that will be lost because of the virus and on account of the economic effects of a lockdown has yet to be determined.

The global economic collapse triggered by the COVID-19 disease that is causing sickness and death has brought our economy to a standstill with rapidly rising unemployment. Should this epidemic intensify, an already deep recession, will become a depression.

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Gary Reber is a leading advocate for economic justice. He is the founder and Executive Director of For Economic Justice (www.foreconomicjustice.org), and an advocate and author for economic justice through broadened ownership of wealth-creating, (more...)
 

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